Noe Valley has long been a sought-after neighborhood, but in recent months it has become home to some of the city's fanciest, most expensive flips. In just the past two weeks, two big flipped homes garnered prices of $7 million and $6.7 million, figures that would have been unheard of in Noe until recently. That makes the $1.898 million price tag attached to the major fixer-upper at 1072 Noe Street seem totally reasonable. The property has been owned by the same family since 1969, when it was purchased for a mere $25,000. It looks as if it has barely been touched since that time, with a truly vintage kitchen, an undeveloped attic, and a dirt backyard. All of that is likely to change very soon.
The house sits less than a block from Noe Valley's heart at 24th and Noe streets. With that location, redevelopment opportunities seem endless. The home's zoning means that it could be carved up into TICs or condos, or it could just be reimagined as a very high-end single family home, which is likely to be the most valuable conversion. A 12-minute video tour that explores the house's various development opportunities is available on the official property website.
According to listing agent Kevin Ho, there have already been offers made on the house, but it will be open for viewing this weekend before final offers are reviewed next Wednesday. The odds of the sale price breaking $2 million seem very high, and the odds of this property reappearing asking many multiples of that price in a few years are even higher.
· Big Noe Flip Sells for $7M, Ties for Neighborhood Record Price [Curbed SF]
· Big Noe Flip Cashes in for $6.7M, Reigns as Noe's Third-Priciest Home [Curbed SF]
· 1072 Noe Street [Kevin Ho + Jonathan McNarry]